Do lots of people do this and I'm just in the dark, or is there some fundamental flaw with what I'm proposing?

Your lender will most likely require a title search that will uncover any liens.

I also networked like a mad man and now it's paying off for me.Just be serious, do your homework, take your time and focus on the numbers and being able to identify flaws in the properties.And please don't forget to build relationships with people and be courteous.

If my approach if flawed, please let me know.

Someone please correct me if my logic is seriously flawed here.

I have bought properties that needed roof and sometimes we would need to get on the roof to tell if there was one or two layers of shingles, but we always new how many layers before we started the job.You also said "they looked in the attic and didn't see any need for redecking" It would be blatantly clear from looking in the attic that there was more than one layer of shingles (look at the number of roofing nails sticking through the decking).As for uncovering bad roof decking during the tear off process, sometimes you just don't know until you tear off the shingles, other times its obvious from looking in the attic or walking on the roof.Sounds like this company has taken you for a ride.

Unless he/she bought it 30+ years ago, I'd bet your research is flawed

Survey Uncovers Patterns and Trends Among Homebuyers

Originally posted by Account Closed: @Will Barnard it was a rehab flipper he was located out of state he sent a contractor over to check out the repairs but the foundation work was 10,000 dollars over my estimate basically the same with the first deal also If additional expenses were uncovered during your due diligence that were not easily identified upon initial walk through, you should have had the opportunity to go back to the seller to renegotiate.

obviously that strategy was hugely flawed... so nawadays, we like to have @ least $300 monthly cashflow after debt servicing, taxes, insurance, and home warranty.